Business Briefs

Posted: April 13, 2011 - 11:10pm

ASSOCIATED PRESS

JPMorgan Chase’s earnings soared 67 percent in the first quarter on higher fees from investment banking and as fewer customers fell behind on their credit card bills. The bank recorded more losses from its mortgage business, and CEO Jamie Dimon said he didn’t expect those problems to go away soon.

Outside of real estate, JPMorgan did well. The nation’s second-largest bank by assets said more of its customers were paying on time.

NEW YORK

Oil rebounded Wednesday from a two-day decline, ending an up-and-down trading day above $107 per barrel.

The price of benchmark oil has fluctuated as analysts and traders disagree over how much higher it can go. Oil has surged as much as 35 percent since the middle of February. That helped push the average gas pump price to $3.81 per gallon on Wednesday, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular costs 25 cents more than a month ago and is 95 cents higher than last year.

ASSOCIATED PRESS

Exxon Mobil Corp.’s top executive received slightly lower compensation last year, according to an analysis by The Associated Press.

Chairman and CEO Rex Tillerson received compensation worth $21.5 million, about 1 percent lower than the previous year, according to a company filing with the SEC.

WASHINGTON

The U.S. economy improved in every region of the country this spring, but higher oil prices remain a concern, according to a survey released Wednesday by the Federal Reserve.

Factories were busier, consumers spent more and companies boosted hiring in all 12 of the regions surveyed by the Fed.

But the report also found that high energy prices are putting pressure on businesses to raise their prices. And workers are seeing limited, if any, pay increases.